His Holiness Swami H.H. Parijnanashram II became the third guru and head of the Math (Mathadhipati) of the Chitrapur Saraswats from 1757 to 1770. An ascetic by nature Swami H.H. Parijnanashram II did not like to exert power. Swami H.H. Parijnanashram II was also by nature very reclusive. He was determined to accept a shishya (disciple) only after the period of turmoil was over for the community. He continued his life of an ascetic. From the Shukla Bhat family, he enacted a shishya in Mallapur village in Karnataka.

Journey of Swami H.H. Parijnanashram II as Guru
The period of time between the Maha samadhi of Swami Shankarashram and the enthronement of Swami H.H. Parijnanashram II was a period of convulsion for the Saraswat Community. The condition was similar to that confronted before the Guru Parampara was broached. The community was left without a head when Swami Shankarashram attained Mahasamadhi without accepting a disciple or shishya. The assets of the Matha were seized by the King of Nagar. And the King again issued a decree that "unless they showed the King their Mathadhipati (Head Guru of the Matha), they would have to face heavy penalties". The samadhi (shrine) of Swami Shankarashram was also ordered to be demolished by the King. The King"s men came to destroy the Shiva Linga made of clay, at the shrine. But with the Guru"s grace such destruction was prevented.

The elders of the community became desperate to find out the next Mathadhipati. During this meeting they came to remember a person who dwelt at the small hamlet of Kollur from the Pandit family. That person had been blessed by Swami Shankarashram. An anchorite who used to practise Yoga at Kollur, the devotees went to meet this noble person and earnestly appealed him to accept the responsibilities of the guru of the Saraswats. The Sanyasi gave his consent to their pleas. The devotees thus on the banks of the Taribagil River, consecrated him as Swami H.H. Parijnanashram II. Since the first guru of the community was Swami Parijnanashram, He is known as "Swami Parijnanashram II". The King of Nagar took back the order once the news of the arrival of the new guru reached him. The King therefore restored the Chitrapur Matha back to the community. In this manner the Saraswats had got back their head Matha and also had a guru to lead them.

Miraculous Power of Swami H.H. Parijnanashram
Like other spiritual gurus, Swami Parijnanashram II is also known to have executed miracles for his devotees in their times of need. One of the best known miracles which he has performed is that of the ailing woman from the village of Kumta, the wife of a businessman. Her husband tried the best of medications for her, but she would not get better and would always end up worse. The businessman prayed with earnestness to Lord Bhavanishankar.

On his trip to Shirali, the centre of Chitrapur Math, with full devotion fell at the feet of Swamiji. Swami Parijnanashram II offered him "Phalmantraksat" that is rice rubbed with kumkum as prasad. The businessman on returning home offered this prasad to his wife and placed it on her head, suddenly she recovered. According to her, she had a dream of a Sanyasi who ascertained her that everything will be all right and that she will be fine soon. After that incident the couple went to seek blessings from Swami Parijnanashram II. The woman was stunned to see the Sanyasi. Swami Parijnanashram II was the Sanyasi who came to her in her dreams.

His relation with the people from Bhatkal was restored. This happened as a result of a Domino effect, started by a wealthy businessman from Bhatkal. The businessman after a long persuasion by his friend agreed to go along with him to meet Swamiji as he has no faith in the Guru Parampara. The touch of Swamiji has brought about a total transformation in him. This Saraswat businessman after returning back to Bhatkal spread the word about the divine grace of the Guru Parampara. And in this process the stand-off with the clan of Bhatkals was resolved.

Last Words of Swami H.H. Parijnanashram II
On the 11th day of the month according to the lunar calendar, "Ekadashi" day, His Holiness Parijnanashram II Swamiji attained Maha Samadhi in 1770, in the month of Bhadrapada at Shirali. His last word to his shishya, Shankarashram were:

“You have to now lead the community. Counsel them like how a mother would guide her child. Guide the people in this spiritual journey to lead a spiritual and chaste life. Remember, the soul is eternal and imperishable even though functions of the body do cease....”

The "samadhi" of Swami Parijnanashram II is at the Chitrapur Math at Shirali, Karnataka. It has been built to the left of the samadhi of his Guru, Swami Shankarashram I. He was succeeded by Swami Shankarashram II.